SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 32 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading higher as investors shrug off the U.S. Federal Reserve's commitment to higher interest rates in tackling inflation.
The Caixin China general services purchasing manager's index showed easing of pressure on the sector for the month of December, with a reading of 48, maintaining in contraction territory. The print rose from seeing a six-month low in the previous month with a reading of 46.7.
US stocks snapped a two-day losing streak as Fed minutes released Wednesday from the December meeting showed higher interest rates are to remain as long as inflation stays high.
The Federal Reserve released the minutes from its Dec. 13-14 meeting, which showed central bank officials expect rates to be higher for some time. In view of the persistent and unacceptably high level of inflation, several participants commented that historical experience cautioned against prematurely loosening monetary policy.
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US manufacturing contracted further in December. The Institute for Supply Management (ISM) said on Wednesday that its manufacturing PMI dropped to 48.4 last month from 49.0 in November, contracting for a second straight month.
Domestic markets:
Back home, the benchmark indices ended a volatile session with deep cuts on Wednesday. The barometer index, the S&P BSE Sensex tumbled 636.75 points or 1.04% to 60,657.45. The Nifty 50 index lost 189.60 points or 1.04% to 18,042.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,620.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 773.58 crore in the Indian equity market on 4 January, provisional data showed.
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